So what does Greenspan have to say aside from what’s already been said there?

Well, the “current financial crisis” has its roots in the fall of the Berlin Wall! Which seems about as close to saying — “So there! Blame me for inheriting the mantle of the free world.”

But it’s roots date back, as best I can judge, to 1989, when the fall of the Berlin Wall exposed the economic ruin produced by the Soviet System. Central planning, one form or another, was discredited and widely displaced by competitive markets.

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There are 4 comments

APRIL 7, 2010 11:08 A.M.

john maynard wrote:

It is just incredible the lengths to which Greenspan and others have gone to deflect any responsibility from themselves for the financial crisis. Greenspan was a total diisaster. He is a master of self delusion, rewriting history to protect his own legacy.

APRIL 7, 2010 11:21 A.M.

UpTheAnte wrote:

Actually Greenspan correctly identified government actions as the cause of the meltdown, and I quote:
Greenspan said "the flames were fanned by demand from the government-backed mortgage giants Fannie Mae and Freddie Mac. He said the government policy of encouraging homeownership pushed Fannie and Freddie to create demand for risky loans.

Those companies play a critical role in the mortgage market by buying up mortgage loans and packaging them into bonds that are resold to global investors."

APRIL 7, 2010 12:28 P.M.

havaianu wrote:

Greenspan said it himself that he was wrong 30% of the time, let that be his capstone

APRIL 7, 2010 12:35 P.M.

SAMI wrote:

I THINK THAT HE IS VERY SMART TO LET THE WHOLE WORLD TO SUFFER BECAUSE OF HIS DECISION . IF YOU HAVE ANY DEGRE IN FINANCE YOU CAN SEE WHAT IS CORRUPT JOB HE DID . GOD WILL PUNCH HIM SOON OR LATER . I LOST A MILLION DOLLAR BECAUSE OF THIS BUT KNOW I HAVE A MBA AND KNOW I UNDERSTAND HIS CORRUPT JOB . GOD HELP US FROM THESE SHAMES .

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